Volumetric analysis on December 24
The growth of the pair is due to the fall in oil prices. And in general, this is one of the few pairs where there is a market structure. And according to this structure, we see the maximum volumes in the ranges of 1.3349-1.3445 and 1.3410-1.3365. Therefore, the downward movement is considered as a correction, and upward as the main movement. It is scary to buy now at the highs, in this regard it is better to wait for a corrective decline, but if you already have positions, then you can take as a target 1.3700. Do not forget that today is Christmas Eve, and many tools can stand still without movement. And tomorrow is day off.
The existing market structure suggests that the downward movement is the main one. There are accumulations of volumes in the range of 112-112.65 and 111.15-110.80. Most likely, there is an open interest of sellers, therefore, the appearance of prices above 112.65 is unlikely, but in the lower zone there is no need to discuss an open interest. We either get the momentum up and then we see the movement as a side effect with the boundaries of 112.65-110.80 and the prospect of further decline, or we get the momentum down, then after correction we can try to sell.
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